Toronto Real Estate Board

Toronto Real Estate Board

October 16, 2012 10:00 ET

GTA Realtors® Release Rental Market Report

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2012) - Greater Toronto Area REALTORS® reported 5,241 rental transactions involving condominium apartments through the TorontoMLS system in the third quarter of 2012. This result represented a three per cent increase compared to the third quarter of 2011. Over the same time period, the number of condominium apartments listed for rent increased by 18 per cent annually to 8,845.

"The high number of condominium apartment completions in the GTA in 2011 and the beginning of 2012 has been well-documented. Some of these newly completed units are owned by investors who have a longer term investment time horizon. These investors have chosen to rent their units out to generate cash flow," said Toronto Real Estate Board (TREB) President Ann Hannah.

One-bedroom and two-bedroom condominium apartments accounted for 95 per cent of rental transactions in the third quarter. Average rents were up on a year-over-year basis for both apartment types, increasing by almost 3.5 per cent for one-bedroom units and over two per cent for two-bedroom units.

"Rental market conditions remained tight in the third quarter, but average annual rent increases were not as strong compared to most of the previous year. Growth in rental listings outpaced growth in rental transactions over the past six months. Prospective renters had more units to choose from, which led to less upward pressure on rents," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Apartments
All Bedroom Types Bachelor One-Bedroom Two-Bedroom Three-Bedroom
Avg. Avg. Avg. Avg.
Listed Leased Leased Rent Leased Rent Leased Rent Leased Rent
Q3 2012 8,845 5,241 119 $1,336 2,733 $1,605 2,250 $2,097 139 $2,660
Q3 2011 7,484 5,073 132 $1,278 2,647 $1,552 2,187 $2,053 107 $2,360
Yr. / Yr. % Chg. 18.2% 3.3% -9.8% 4.6% 3.2% 3.4% 2.9% 2.2% 29.9% 12.7%
Townhouses
All Bedroom Types Bachelor One-Bedroom Two-Bedroom Three-Bedroom
Avg. Avg. Avg. Avg.
Listed Leased Leased Rent Leased Rent Leased Rent Leased Rent
Q3 2012 808 416 4 $1,363 44 $1,390 134 $1,759 234 $2,014
Q3 2011 630 381 2 $1,325 34 $1,278 103 $1,677 242 $1,924
Yr. / Yr. % Chg. 28.3% 9.2% 100.0% 2.8% 29.4% 8.8% 30.1% 4.9% -3.3% 4.7%

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 35,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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Contact Information

  • Media Inquiries:
    Mary Gallagher
    Senior Manager Public Affairs
    (416) 443-8158
    maryg@trebnet.com